Plus, the SEC plans a more investor-friendly Web site, and more.
Shareholders of several First Eagle funds received good news May 7. After the sudden resignation in March of Charles de Vaulx as manager of First Eagle Global
Until last week's announcement, the length of Eveillard's commitment was unclear, but we now know that he'll be aboard for at least five years. For the first two years, he will be the lead manager involved in all day-to-day aspects of fund management, and he'll also help further develop the advisor's analyst team. For another three years thereafter, he will remain in a part-time consulting role.
Charles Edouard "Chuck" de Lardemelle will join Eveillard as a new associate portfolio manager on the Global, Overseas, and U.S. Value funds. A veteran of the firm since 1996, he and Eveillard worked together in the years preceding Eveillard's initial retirement in 2004.
SEC Chairman Speaks Plain English
SEC Chairman Christopher Cox revealed some of his organization's future plans for the mutual fund industry at a recent speech to the Investment Company Institute (ICI). One SEC priority will be to make information both more easily accessible and easier to understand. For easier access, Cox gave a demonstration of the SEC's planned upgrades to its Edgar Web site, where the government posts fund company disclosures such as prospectuses, manager changes, and more. The upgrade will likely involve the use of a new XBRL format--a way to standardize fund company data reporting--that will allow investors' an easier way to do fund-to-fund comparisons for information such as expenses or various return measures.
A second area of focus will be disclosure improvement. That includes working with the ICI on a more streamlined prospectus format and possibly requiring fund companies to make all shareholder documents available for electronic delivery. Cox also wants the SEC to improve disclosure in 401(k) defined-contribution plans. Fee structures vary depending on the 401(k) provider, so the SEC plans to partner with the Department of Labor to both cover all types of plans and reduce the legal jargon facing investors in 401(k) documents. In other words, he wants to put fees investors might pay into easy-to-spot, plain English.
Tweedy, Browne Reopens Domestic Fund
Tweedy, Browne Value
William Blair Launches New Fixed-Income Fund
William Blair Bond Fund became available to investors May 1 as the firm's second fixed-income offering. The Bond Fund will be the firm's first intermediate-term bond offering, with an investment-grade mandate allowing no more than 10% of assets in high-yield securities. James Kaplan, Christopher Vincent, and Benjamin Armstrong will manage the fund, with the former two staying on as comanagers of William Blair Income
RS Approves Merger of Two Tech Funds
RS Internet Age